New York S00631 amends the real property tax law to make reclassification of rent-controlled dwellings retroactive to the time of a decrease in.

New York S00631 amends the real property tax law to allow for the reclassification of rent-controlled dwellings to be retroactive to the time of a decrease in income of household members. This change applies to households where there is a permanent decrease in combined income exceeding 20% of the income reported in the last approved tax abatement certificate. The reclassification can be made retroactive to the date of the income decrease, provided it does not result in an adjusted rent that is less than one-third of the household's combined income unless a specific exemption applies.

New York S00631 amends the real property tax law to make reclassification of rent-controlled dwellings retroactive to the time of a decrease in.

New York S00631 amends the real property tax law to allow for the reclassification of rent-controlled dwellings to be retroactive to the time of a decrease in income of household members. This change applies to households where there is a permanent decrease in combined income exceeding 20% of the income reported in the last approved tax abatement certificate. The reclassification can be made retroactive to the date of the income decrease, provided it does not result in an adjusted rent that is less than one-third of the household's combined income unless a specific exemption applies.